Apologies for the summerizer but its more concise than I could've been:
Silver has been in a structural supply deficit for seven consecutive years, with cumulative shortfalls reaching nearly 800 million ounces since 2021, according to Sprott’s Silver Investment Outlook. This persistent imbalance reflects a fundamental mismatch where industrial and investment demand consistently exceeds mine production and recycling, driven by silver’s critical role in solar photovoltaics, electric vehicles, electronics, and 5G infrastructure.

Unlike gold, approximately 70% of silver is produced as a byproduct of mining copper, lead, and zinc, meaning supply is not directly responsive to silver’s price. This lack of elasticity, combined with declining ore grades, underinvestment in exploration, and long project development timelines (8–12 years), has limited supply growth despite soaring demand